‘'We have long been calling for the Myer board to be replaced with a new independent board' ’

Today Myer's board will try to face down Solomon Lew and the threat of a spill at what could be the department stores' most important annual general meeting in a decade.

Mr Lew has been agitating for an overhaul at the top of the ailing retailer since he became its largest shareholder in March 2017 with the purchase of a 10.77 per cent stake.

Premier, together with other Myer shareholders, last year delivered a first strike on remuneration, meaning a repeat in Melbourne today would trigger an automatic board spill.

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The Australian Shareholders' Association has said it will vote in favour of the remuneration report, although it will not support a performance share grant following a year in which Myer reported an impairment-heavy full-year loss of $486 million.

But it remains to be seen how many other shareholders are of the same mind as Mr Lew, whose stake is worth less than half what he paid for it following a string of poor sales results.

The war of words between the billionaire investor and Myer executive chairman Garry Hounsell has intensified in the build-up to today’s meeting in Melbourne, culminating with Mr Lew's final pitch to Myer shareholders on the eve of the AGM.

Mr Lew launched another broadside at Myer during his chairman's address at Premier Investment's AGM, saying he will use all options at his disposal to eject the board.

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Mr Lew has consistently called for investors to rise up against a board that has overseen plunging sales and a falling share price.

"We have long been calling for the Myer board to be replaced with a new independent board with the requisite skills to actually deliver for shareholders - the most important skill being retail experience," Mr Lew said.

"We continue to use all of the options at our disposal to ensure the protection of our investment and have been urging our fellow long-suffering Myer shareholders to take action."

Myer has labelled Mr Lew's campaign against it "grossly misleading and inflammatory" and suggested he is trying to gain control of the company without paying the premium a takeover offer would require.

Myer shares have never matched the $4.10 they were priced at prior to its 2009 float, and have been on a steady downward trajectory since they were worth $3 in 2013.